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Pre-Approved Personal Loan
Pre-Approved Personal Loans are offers you can enjoy when you have a promising credit score and a track record of loan repayment. Such offers mean you might be eligible to sanction a particular amount if you require financial aid. Pre-Approved Loans are generally available only for existing customers. For new customers, pre-qualified offers may be given but are subject to change in case certain details about their profile indicates the same. However, the process might be slightly different.
So, what are the eligibility criteria to get pre-approved for a Personal Loan, and what are the applicable charges? Let us find out.
Features of Pre-Approved Personal Loans
Collateral-free Loans
Pre-Approved Loans are provided based on your creditworthiness and overall financial history. Hence, there is no requirement for collateral like jewellery, real estate
Read MoreLower Interest Rates
Since you have a Pre-Approved Loan based on your credit history and trustworthy repayment capacity, you can avail yourself of competitive interest rates, which can be
Read MoreMinimal or No Paperwork
If you are an existing customer with a pre-approved offer, your bank already has your details in their database, which eliminates the need for excessive paperwork. You
Read MoreFaster Processing Time
Since you are already eligible for the loan, the waiting period for approval is almost negligible. You can apply for Pre-Approved Loans online and get your loan amount
Read MoreFlexibility in Repayment
Pre-Approved Personal Loans offer a repayment tenure ranging from 12 to 84 months, so you can choose the tenure that suits you best. However, it is important to know
Read MoreIf you are a new customer, a thorough CIBIL check ensures your creditworthiness. You also need to provide income proof, bank statements, and KYC documents for verification.
However, a loan pre-approval does not guarantee a loan. Your loan might face rejection if there are any errors in the documents submitted or your loan application form.
Benefits of a Pre-Approved Personal Loan
You do not need to go through the entire application process since you already have access to a personal loan pre-approval online. You can instantly find out your eligible loan amount and take a loan if desired with a minimal application process.
All you need is your mobile number to check your Pre-Approved Loan offer. You can get all the information regarding your eligibility with a simple OTP sent to your mobile number.
Since Pre-Approved Loans are offered after assessing your financial history, you can immediately get the approval of your loan. You can avail of your loan amount within hours, sometimes with no documentation required whatsoever.
You can go for longer loan tenures based on your financial affordability. The tenures can range from 12 to 84 months, giving you enough time to plan your finances better.
All charges for Pre-Approved Loans are stated to you upfront, and you do not need to pay any add-on charges apart from the ones mentioned.
Pre-Approved Personal Loan Rates
The Interest Rate on an Axis Bank Personal Loan ranges from anywhere between 9.99% and a maximum of 22%, letting you enjoy some of the lowest Personal Loan interest rates available in the market.
A processing fee of 2% of the loan amount with added GST is charged after your loan approval process.
Collateral-free loans
Pre-Approved Loans are provided based on your creditworthiness and overall financial history. Hence, there is no requirement for collateral like jewellery, real estate property, or any other assets to avail of this loan.
Lower interest rates
Since you have a Pre-Approved Loan based on your credit history and trustworthy repayment capacity, you can avail yourself of competitive interest rates, which can be considerably lower than usual Personal Loan rates, making the deal much more affordable.
Minimal or no paperwork
If you are an existing customer with a pre-approved offer, your bank already has your details in their database, which eliminates the need for excessive paperwork. You can also avail yourself of a loan without having to submit any documents.
Faster processing time
Since you are already eligible for the loan, the waiting period for approval is almost negligible. You can apply for Pre-Approved Loans online and get your loan amount disbursed on the same day or even within minutes.
Flexibility in repayment
Pre-Approved Personal Loans offer a repayment tenure ranging from 12 to 84 months, so you can choose the tenure that suits you best. However, it is important to know that longer tenures mean you pay higher interest overall. You can pre-pay or part-pay your loan by paying applicable charges.
Eligibility criteria for a pre-approved loan
Personal Loan EMI Calculator
Total Amount Payable
1,37,621
Eligibility criteria for a pre-approved loan
Documentation & charges
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Track NowFrequently asked questions
If you are an existing customer, your bank already has the necessary documents and details. However, new customers need to submit their income proof, address proof, and KYC documents to avail themselves of the loan.
Pre-Approved Loans can be approved as soon as the same day or even within minutes, and you get your loan amount disbursed to your bank account instantly.
No, your loan application can be rejected even after pre-approval in case of document errors, mistakes in your loan application, or if your offer has lapsed.
No. Pre-Approved Loan offers are only valid for a particular period, and you cannot avail yourself of the loan after the offer has lapsed.
You can use your Pre-Approved Personal Loan to fund any urgent financial expenses like medical bills, education fees, or any other personal expenses you need aid for.
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